iCrowd Newswire – Jun 15, 2020
The research report provides a big picture on “Petrochemicals Market” 2027, on a global basis, offering a forecast and statistic in terms of revenue during the forecast period. This report covers detailed segmentation, complete R & D history, and explanatory analysis including the latest news. Furthermore, the study explains the future opportunities and a sketch of key players involved in the Petrochemicals hike in terms of revenue.
The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries including Chemicals and Materials, and many more. Trade barriers are further restraining the demand- supply outlook. As government of different regions have already announced total lockdown and temporarily shutdown of industries, the overall production process being adversely affected; thus, hinder the overall Petrochemicals market globally. This report on ‘Petrochemicals Market’ provides the analysis on impact on Covid-19 on various business segments and country markets. The report also showcase market trends and forecast to 2027, factoring the impact of Covid -19 Situation.
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Petrochemicals are obtained from petroleum through refining process. Some other chemical compounds prepared from petroleum can also be obtained from other fossil fuels, including coal or natural gas and renewable sources such as maize, palm fruit, and sugar cane. Highly available petrochemicals in the market are olefins (ethylene and propylene) and aromatics (benzene, toluene, and xylene isomers). Olefins and aromatics are the building-blocks for a wide range of materials including solvents, detergents, and adhesives. Olefins are used as a base for polymers and oligomers, which are used in plastics, resins, fibers, elastomers, lubricants, and gels.
A factor which can be a restraint for Petrochemicals can be some companies do not collaborate with service providers or they don’t take advantage of digitization as they don’t have awareness for the same. Nevertheless, digitization in services is opting by an online company to know more exactly about consumer behavior plus it makes business policies flexible to adopt changes as per the market condition on which success and growth of an organization depend which will give more growth opportunities in coming years.
Petrochemicals Market – key companies profiled
- BASF SE
- British Petroleum Plc
- Chevron Corporation
- China National Petroleum Corporation
- China National Petroleum Corporation
- DuPont de Nemours, Inc.
- ExxonMobil Corporation
- INEOS Group Ltd.
- Royal Dutch Shell PLC
- The Dow Chemical Company
North America and Western Europe have been one of the key regions with technological advancements in Food, chemical and manufacturing sector. Factors like the use of advanced technology and presence of global companies to cater the potential end users are favorable for the growth of Petrochemicals market. Also, most of the leading companies have headquarters in these regions.
The petrochemicals market has witnessed a significant growth owing to factors such as wider application of petrochemicals in packaging, automotive, construction, electrical & electronics, and helthcare industries. Many polymers are used in the manufacturing of different types of plastic components, which finds applicationsin the automotive industries. This factor is driving the market for petrochemicals. Furthermore, increasing use of polymeric resins in the manufacturing of automotive components is expected to fuel the demand for polymers, which in turn will influence the market growth of petrochemicals. However, fluctuating prices of raw materials can be a challenge to the growth of this market. On the contrary, steady growth in the automotive, chemical, and construction industry will provide the opportunity for the market players to invest in the petrochemicals market.
Asia Pacific is estimated to be one of the fastest growing markets for Petrochemicals market. Major countries in the Asia Pacific region are China, Japan, South Korea, India and Australia. These economies in the APAC region are major contributors in the ICT, electronics & semiconductor sector. In addition to this, government initiatives to promote technological advancement in this region are also one of the key factors to the growth of Petrochemicals market. Middle East and rest of the World are estimated to be emerging regions for Petrochemicals market.
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Chapter Details of Petrochemicals Market:
Part 01: Executive Summary
Part 02: Scope of The Report
Part 03: Petrochemicals Market Landscape
Part 04: Petrochemicals Market Sizing
Part 05: Petrochemicals Market Segmentation by Type
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
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Keywords: Petrochemicals Market, Petrochemicals, Petrochemicals Market Outlook, Petrochemicals Market Research